Spending on your debit card while abroad could see you hit with a heap of expensive charges.
So many times we see people ask which is the best Travel Card to use abroad. Just exactly how many are we being charged if we don’t use the best Travel Card abroad?
Until recently we underestimated these charges, or were confronted with a trip to a foreign exchange bureau, just to be faced with even more unfavourable exchange rates. No one really bothered with a fee free transaction debit card. Those days might be over as certain banks, for example, Revolut, offer charge free spending and money withdrawals abroad. You load your card directly and instantly with your own debit card, and this is classed as a local, fee-free card loading.
Delving deeper into what your bank charges you for foreign transactions, you might be in for a horrendous shock!
Sneaky charges to pay special attention to:
There are a couple of charges to watch out for in the event that you utilise your bank card abroad.
Use an inappropriate card, and you could be hit with four sorts of charges. Little wonder that banks anticipate your days off nearly as much as you do!
Non-sterling exchange expense
You may figure you can maintain a strategic distance from charges by paying by debit card directly for your purchases. Unfortunately, most cards will charge you to do this.
More often than not when you utilize your plastic for a non-sterling exchange, an expense is connected. This is regularly around the 2.75% mark and is charged on the sterling sum spent.
Non-sterling purchase fee
A few banks and building societies likewise slap on a non-sterling purchase fee when you pay for things using your debit/credit card.
This is charged notwithstanding the non-sterling exchange expense and more often than not appears as a level worth (normally around £1.25) yet can likewise be a level of the general spend (typically 2.7%).
Non-sterling money withdrawal expense
On the off chance that you utilise a charge card to withdraw cash from a remote ATM, over the counter or to purchase money or travellers’ checks outside of the UK, you’re probably going to bring about a non-sterling money expense.
This can be a flat charge, but it is more commonly a percentage of the amount withdrawn.
Banks and building societies can also apply a non-sterling transaction fee on top of this charge for cash transactions.
This means that customers withdrawing lots of small amounts will be the hardest hit.
So, it’s worth planning ahead so you know how much money you’re likely to need and withdraw larger amounts all in one go.
ALWAYS PAY IN LOCAL CURRENCY!!!
Travel-friendly bank accounts are great – providing you pay in the local currency.
Shops and restaurants abroad may offer you the chance to pay in pounds. Always ask to pay in local currency.
This is known as ‘dynamic currency conversion’ and means you’re likely to get a terrible conversion rate, ruining the benefits of your bank account.
Always, always opt to pay in local currency.
Is this the Best Travel Card to use abroad?
Revolut card is a top-up card that offers over 150 different currencies, which means you will always get the best exchange rate when purchasing something using your Revolut card. Revolut offers foreign transaction fee free debit cards that are extremely easy to top-up using a mobile app.
Click on the banner below to get your FREE Revolut foreign transaction fee free debit card today.
The idea behind using a card from Revolut means that all your international transactions are fee free, and this is great news! All cards come with a chip and pin, and are either Visa or Mastercard branded, depending in what part of the world you live in.
So if you are looking for international transaction fee free debit cards, look no further than Revolut.
Let us know in the comments below if you use the Revolut debit card, and do you rate it as one of the best Travel Cards to use abroad?